New Program for West Virginia Businesses and Entrepreneurs Announced
NEWS RELEASE
August 25, 2016
Contact: Anne Barth, anne@techconnectwv.org, (304) 444-2918
Charleston, W.Va. – TechConnect West Virginia, a nonprofit coalition committed to growing West Virginia’s technology-based economy, has announced a new program designed to help West Virginia companies pursue business opportunities with the federal government through its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program.
The initiative, called The ScaleUp West Virginia SBIR/STTR Assistance Program, is made possible through resources provided to Tech Connect by the U.S. Economic Development Administration and the State of West Virginia.
The SBIR/STTR program is a highly competitive program that encourages domestic small businesses to engage in scientific research and development that has the potential for commercialization. Through the program, companies can be awarded funding to study the feasibility of a product, create a prototype, or conduct a full research and development project. Typical awards range from approximately $150,000 to $1 million.
To receive an SBIR/STTR award, a company must identify the federal agency that has the most need for the company’s research or product, and then submit a highly detailed award application to that agency.
Many entrepreneurs, researchers and small businesses find they need outside support to accurately assess which federal agency to pursue for an SBIR/STTR award, how to interpret the agency’s specific needs, and then craft a detailed application document that articulates a decisive path to commercialization.
Anne Barth, TechConnect West Virginia’s executive director, said the organization’s ScaleUp West Virginia SBIR/STTR Assistance Program can help West Virginia entrepreneurs, researchers and small businesses offset the cost of engaging outside support in developing and submitting successful SBIR/STTR applications.
“Many West Virginia-based companies have innovative products in the early stages of research and development,” Barth said. “The SBIR/STTR program is an excellent opportunity to secure non-dilutive, early stage funding to move a product from the drawing board to market. Our ScaleUp West Virginia SBIR/STTR Assistance Program is designed to help West Virginians and their businesses engage the expertise they need participate in this opportunity.”
West Virginia companies, researchers and entrepreneurs can find information on eligibility and how to request TechConnect West Virginia’s support at https://techconnectwv.org/scaleup-west-virginia-sbir-assistance-program/.